The CartIn an article by Jeffrey Jones in the Globe and Mail this morning "Canadian Banks Caught in ESG Backlash From U.S. State Officials" comes more concern with TD management or lack there of.
"Two Canadian Banks are in the crosshairs of an anti-ESG U.S. state treasurer, who has boycotted one for a purported stand against fossil fuels and given another a pass for loosening a policy on coal lending.
West Virginia State Trreasurer Riley Moore on Monday placed TD Bank and three other banks on its restricted financial institutions list. As a result, they will not be allowed to provide banking services to the state.
Mr. Moore said the state had determined that TD, along with Citigroup Inc., The Northern Trust Co. and HSBC Holdings PLC are engaged in boycotts of fossil fuel companies as defined under state law."
This situation raises some questions and concerns as in the at least the last two AGMs proposals to have TD divest their banking involvement with the oil and gas sector through Shareholder proposals have been defeated. This year's AGM has Shareholder Proposal #6 Report on Impact of Oil and Gas Divestment again on the agenda for a vote. How is it possible to be put on a State financial restricted list for activity that hasn't been approved of by the shareholders at an AGM? It appears that the reins of the horse pulling the TD cart aren't in the hands of the driver. This cart appears to be veering off the track when it comes to money laundering as well as wandering off the road when it comes to bank policies of financial dealings with fossil fuel companies. We're in the business of lending money to make money!
As shareholders we have already been kicked once with the money laundering fiasco and awaiting a second larger kick when regulators announce the huge fines some time later this year.
RBC fires a manager who promoted her boyfriend more than once by not following RBC policies while at TD no one suffered any consequences for their incompetence or for not having adequate policies in place to ensure that money laundering couldn't take place.
Wonder why the share prices keeps dropping? Wonder how much more it's going to drop?
Very disappointing!